Seattle Genetics, Inc. (SGEN) Lifted to “Hold” at ValuEngine
ValuEngine upgraded shares of Seattle Genetics, Inc. (NASDAQ:SGEN) from a sell rating to a hold rating in a report released on Friday.
Several other research analysts have also recently issued reports on SGEN. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Seattle Genetics in a research report on Saturday, June 3rd. Cantor Fitzgerald set a $46.00 target price on Seattle Genetics and gave the company a hold rating in a research report on Wednesday, August 16th. Cann reaffirmed a hold rating on shares of Seattle Genetics in a research report on Tuesday, August 29th. Cowen and Company set a $61.00 target price on Seattle Genetics and gave the company a hold rating in a research report on Tuesday, June 6th. Finally, BidaskClub cut Seattle Genetics from a sell rating to a strong sell rating in a research report on Wednesday, August 2nd. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $62.29.
Shares of Seattle Genetics (NASDAQ SGEN) opened at 52.55 on Friday. The stock has a 50 day moving average price of $49.99 and a 200 day moving average price of $59.90. The firm’s market cap is $7.52 billion. Seattle Genetics has a 12-month low of $44.03 and a 12-month high of $75.36.
Seattle Genetics (NASDAQ:SGEN) last announced its earnings results on Thursday, July 27th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.03. The company had revenue of $108.20 million for the quarter, compared to analysts’ expectations of $105.92 million. Seattle Genetics had a negative return on equity of 32.87% and a negative net margin of 47.38%. Seattle Genetics’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. On average, equities analysts expect that Seattle Genetics will post ($1.69) earnings per share for the current year.
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In other news, CEO Clay B. Siegall sold 25,506 shares of the company’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $47.89, for a total transaction of $1,221,482.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CMO Jonathan G. Drachman sold 10,000 shares of the company’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $64.01, for a total value of $640,100.00. Following the transaction, the chief marketing officer now directly owns 125,204 shares in the company, valued at approximately $8,014,308.04. The disclosure for this sale can be found here. Insiders have sold a total of 109,289 shares of company stock worth $5,519,102 in the last ninety days. Insiders own 34.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Verition Fund Management LLC purchased a new position in shares of Seattle Genetics during the 2nd quarter valued at $338,000. Tower Research Capital LLC TRC raised its stake in shares of Seattle Genetics by 6,835.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,300 shares of the biotechnology company’s stock valued at $223,000 after purchasing an additional 4,238 shares during the period. DRW Securities LLC bought a new stake in shares of Seattle Genetics during the 2nd quarter valued at $207,000. The Manufacturers Life Insurance Company raised its stake in shares of Seattle Genetics by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,824 shares of the biotechnology company’s stock valued at $250,000 after purchasing an additional 299 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Seattle Genetics by 6.6% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 40,200 shares of the biotechnology company’s stock valued at $2,080,000 after purchasing an additional 2,500 shares during the period. 97.70% of the stock is currently owned by hedge funds and other institutional investors.
Seattle Genetics Company Profile
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company is engaged in the development and sale of pharmaceutical products on its own behalf or in collaboration with others. The Company’s marketed product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC).
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